Fraud & Scandals

Fire Razes NNPC’s Atlas Cove Depot Pipelines

The pipelines attached to the Atlas Cove Depot of the Pipelines and Petroleum Marketing Company (PPMC) went up in flames late Tuesday night after thieves attacked the lines to steal petroleum products. THEWILL however gathered that the fire did not the affect depot. Residents of Ilado, a suburb of Lagos, […]

CBN Issue Banks July 31 Deadline to Refund Customers Short-changed by ATMs

By Yakubu LAAH InvestAdvocate Lagos INVESTADVOCATE)-The central bank of Nigeria (CBN) on Monday issued a July 31 deadline to deposit money banks (DMBs) in the country to refund customers short-changed by automated teller machines (ATMs). This contained in a circular titled: ‘’Non-Refund of Monies to Customers Short-Changed by ATMs Non-Dispense […]

Banks lose 2.4% of revenue to fraud

The Deputy Governor, Financial Systems Stability, Mr. Adebayo Adelabu, on Thursday said 2.4 per cent of banking revenue was lost to fraud cases. Adelabu said the 2013 Global Fraud Report showed that Africa had the highest regional level of fraud losses, with about 2.4 per cent of revenue lost to […]